Average issue size grew to $126 million, up 24% from $102 million last year.

Average credit quality improved with A- and better issues making up 80% of issues compared to 72% in 2014.

Last week, we commented for Modern Healthcare on the long awaited Fed rate hike and shared our expectations that the 0.25% increase in the fed funds rate is unlikely to curb borrowing in the near term, and may actually provide an incentive for hospitals to pull the trigger on funding large projects while rates are still low.